BioMarin Pharmaceutical delivered a second quarter that surpassed Wall Street’s expectations, with management attributing the strong results to double-digit revenue growth across its portfolio and significant progress in both commercial execution and pipeline development. CEO Alexander Hardy cited robust demand for key therapies, notably the global expansion of VOXZOGO and strong performance in enzyme therapies such as PALYNZIQ and VIMIZIM. Management credited business unit structure changes and enhanced patient support initiatives for new patient starts and adherence, particularly in younger cohorts. Cristin Hubbard, Chief Commercial Officer, highlighted, “We doubled the number of leads generated year-to-date year-over-year, which translated to an increase in net new U.S. patients.”
Is now the time to buy BMRN? Find out in our full research report (it’s free).
BioMarin Pharmaceutical (BMRN) Q2 CY2025 Highlights:
- Revenue: $825.4 million vs analyst estimates of $761.8 million (15.9% year-on-year growth, 8.4% beat)
- Adjusted EPS: $1.44 vs analyst estimates of $1.01 (42.3% beat)
- Adjusted EBITDA: $349.5 million (42.3% margin, 62.8% year-on-year growth)
- The company slightly lifted its revenue guidance for the full year to $3.16 billion at the midpoint from $3.15 billion
- Management raised its full-year Adjusted EPS guidance to $4.48 at the midpoint, a 4.1% increase
- Operating Margin: 33.5%, up from 16.9% in the same quarter last year
- Market Capitalization: $10.92 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From BioMarin Pharmaceutical’s Q2 Earnings Call
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Paul Matteis (Stifel): Asked about BMN 333’s safety profile and risk of side effects at higher exposures. Dr. Gregory Friberg confirmed no unexpected safety signals in healthy volunteers and referenced genetic data supporting the safety of increased CNP exposure.
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Cory Kasimov (Evercore): Inquired about competitive dynamics in achondroplasia and the long-term impact of growth hormone/CNP combinations. Dr. Friberg explained that persistent growth benefits from such combinations remain unproven and emphasized VOXZOGO’s documented impact on skeletal health.
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Tommie Reerink (Goldman Sachs): Sought clarification on the drivers behind VOXZOGO revenue guidance adjustments. Cristin Hubbard detailed the influence of international order timing and ongoing U.S. expansion initiatives on the company’s projections.
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Akash Tewari (Jefferies): Questioned the design and superiority threshold for the forthcoming BMN 333 trial. Dr. Friberg noted strong preclinical and genetic rationale for achieving meaningful growth improvements and highlighted ongoing dose-ranging studies.
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Sean Laaman (Morgan Stanley): Asked about the contribution of VOXZOGO label expansions to BioMarin’s 2027 revenue target. CFO Brian Mueller indicated that only modest contributions from new indications are currently assumed, with a broader update to long-term targets expected later this year.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will monitor (1) the pace of VOXZOGO’s expansion in new indications and countries, (2) progress on pivotal trials for BMN 333 and BMN 401, and (3) integration of Inozyme’s pipeline assets into BioMarin’s commercial and R&D operations. Success in executing these initiatives, alongside maintaining adherence and supporting patients in rare disease markets, will be important markers of BioMarin’s progress.
BioMarin Pharmaceutical currently trades at $56.78, down from $60.35 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free).
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